In a securities filing, the firm, which holds a 5% stake in Northwest, objected to the airline’s proposed reorganization, saying it unduly rewards creditors at shareholders’ expense.

“Your stockholders are in favor of an expeditious reorganization, but only a fair one, and the directors’ efforts must be focused on preserving and maximizing stockholder value under these circumstance,” the firm wrote. Owl Creek, which said the plan will “overpay creditors and undersell” the company, said it represented an ad-hoc equity committee accounting for some 30% of Northwest shares.

Owl Creek suggested that Northwest “should be pursuing the potential of consolidation with other legacy carriers.”

Northwest fired back in a statement, saying, “Contrary to Owl Creek’s assertions, the company’s board of directors has considered all realistic and prudent options in order to maximize the value of the company.”